What is Foreclosure? Foreclosure is a legal process where your home is put up for sale by the lender. It happens when your home is used as a collateral for a mortgage, but you default and aren’t able to pay back. Then the lender can foreclose your home to recoup the remaining loan amount with …
Part 1: What is a Credit Card, How Does a Credit Card Work Part 2: Pros & Cons of Credit Cards, Should You Use a Credit Card Introduction to Credit Cards for Kids and Teens This video explains the concept of credit cards in a simple, concise way for kids and beginners. It could be …
Comparison: Credit Cards vs Debit Cards for Kids and Teens This video does a credit card vs debit card comparison in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about the advantages and disadvantages of each, or used as a money & personal finance resource …
As we’ve discussed earlier, both Conventional Mortgages and FHA Loans help us buy a home through a loan. We make a down payment, and repay the loan principal, interest, etc through monthly payments. But what are the differences between them? The main difference is in terms of credit score and minimum down payment requirements. …
We have talked about home equity loan and home equity Line of Credit or HELOC in the past. But can you please quickly summarize these for me? Both home equity loan and home equity Line of Credit let you borrow against your home equity. Both could give you access to a large amount of …
What is a Home Equity Loan? It is a loan where you borrow money using your home equity as collateral. It is also known as a second mortgage. How does a Home Equity Loan work? A home equity loan is like a regular loan, where you get all the loan money upfront. You repay …
What is Home Equity Line of Credit? A home equity line of credit or HELOC is a revolving line of credit, based on the equity you have built in your home. How does Home Equity Line of Credit work? It is very similar to a credit card borrowing limit – the lender fixes the …
What is Home Equity? Home equity is based on the fact that even if your home is in your name, you don’t really own 100% of it if you have borrowed money to buy it and are still repaying the mortgage. Home equity is the portion of your home that you truly own. Can …
We’ve talked about credit cards before, but recently I heard about a virtual credit card. What is that? A virtual credit card is a temporary or disposable card number associated with your existing credit card account, and does not come with a physical card. Virtual credit cards are also known as virtual account numbers, …
I recently heard about FHA Loans on TV. But what is an FHA loan anyway? FHA stands for Federal Housing Administration. An FHA loan is a mortgage issued by an FHA-approved lender. These loans are meant for borrowers with low-to-moderate income, and are insured by the FHA. What are the advantages of FHA Loans? …
